Nicole Crafts is exiting its retail operations by retaining the retail and real estate divisions of Gordon Brothers to close its A.C. Moore stores as part of a broader strategic plan. The Michaels Companies will assume leases for up to 40 stores.
Matthew Pascucci of Mackinac Partners has been appointed as chief restructuring officer of A.C. Moore to assist in this effort.
“For over 30 years, our stores have been servicing the creative community with a vast selection of art and craft materials, with one common focus, the customer. Unfortunately, given the headwinds facing many retailers in today’s environment, it made it very difficult for us to operate and compete on a national level. During this process, we will continue to provide great customer experience, while still delivering quality and value on your favorite products. Plans for closing specific A.C. Moore locations will be shared in the upcoming weeks on our website. While we will stop accepting further online orders as of today, we will ship any previously placed orders in the ordinary course,” said Anthony Piperno, A.C. Moore CEO.
As part of the transaction, The Michaels Companies will assume leases for up to 40 store locations and a lease on an east coast distribution facility plus purchase intellectual property.
“This transaction enables us to further expand our presence in strategic markets and serve even more customers both online and in store. We are looking forward to re-opening these stores under the Michaels name in 2020 and welcoming new team members,” said
Michaels CEO, Mark Cosby.
A.C. Moore is a specialty retailer offering a vast selection of arts, crafts and floral merchandise.
The Michaels Companies is North America’s largest specialty provider of arts, crafts, framing, floral, wall décor, and seasonal merchandise for Makers and do-it-yourself home decorators.